Coronation Group Limited Upgraded to A/A1 by GCR Ratings; Outlook Stable

Coronation Group Limited, a leading African financial services conglomerate, today announces that GCR Ratings has upgraded its national-scale long and short-term issuer ratings to A and A1, respectively, from BBB+ and A2 previously, with a stable outlook.

The rating action marks a significant milestone in Coronation’s credit evolution, reflecting sustained improvements in capitalisation, earnings resilience, and balance sheet quality.

It also reinforces the Group’s strong competitive positioning within Nigeria’s financial services sector and its ability to execute consistently across market cycles.

According to GCR, the upgrade is underpinned by Coronation’s strengthened capital base, improved earnings generation, and prudent risk management framework, alongside a well-diversified operating model spanning asset management, investment banking, securities trading, trusteeship, and insurance.

In its commentary, GCR stated that the rating action reflects “the Group’s improved capitalisation, enhanced earnings capacity, and disciplined risk management, which collectively support a stronger credit profile and underpin the Stable Outlook.”

The Stable outlook further reflects expectations that Coronation will maintain its current financial profile over the medium term, supported by internal capital generation, controlled risk appetite, and continued strategic execution.

Commenting on the upgrade, Wole Onasanya, Managing Director/Chief Executive Officer of Coronation Group Limited, said: “This upgrade represents a defining moment for Coronation and affirms the strength of our strategy, governance, and execution discipline. It reflects the deliberate steps we have taken over the past few years to reinforce our capital base, enhance earnings quality, and build a resilient, diversified financial services platform. We remain focused on delivering sustainable, long-term value to our clients and stakeholders, while maintaining a prudent risk culture and positioning the Group for continued growth across our core markets.”

The upgrade places Coronation firmly within the upper tier of nationally rated financial institutions and enhances its standing with counterparties, investors, and regulators. It also provides additional flexibility for the Group to access funding markets on more competitive terms as it continues to scale its operations.

Coronation remains committed to deepening its integrated platform and leveraging innovation, expertise, and strong governance to drive sustainable growth, while maintaining financial strength and resilience in an evolving macroeconomic environment.